CBoT soybean futures now at 7 month high

This morning CBoT soybean futures are trading at a seven month high. Drought in the American Midwest is likely to limit yields.
The crop scouts are still expecting decent yields, but there are many corners where the drought is already causing visible damage. However, the demand can probably be met overall, dealers in Singapore analyze this morning.
During these weeks, China is buying such large quantities of US soybeans every day that due to market transparency they have to be reported to the day. Yesterday the USDA announced another deal for 192,000 tons of US oilseeds for China.

Hansa Terminhandel GmbH
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